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IIT Bombay's SINE to launch Rs 100 crore VC fund to support deeptech startups

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Sumit Vishwakarma
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IIT Bombay

IIT Bombay

The Society for Innovation and Entrepreneurship (SINE), the startup incubator at IIT Bombay, has announced plans to establish a Rs 100-crore venture capital (VC) fund to back deeptech startups in sectors of national importance. 

This initiative aligns with SINE’s vision to significantly expand its support network, targeting 1,000 incubated ventures over the next decade, up from 245 startups nurtured since its inception.

The fund aims to address early-stage funding gaps for startups focusing on science, biotechnology, space, and defense.

“This will be a specialized fund requiring investors ready for long gestation periods, as is the case for technology product development,” SINE CEO Shaji Varghese said.

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Celebrating 20 years of innovation

As SINE marks its 20th anniversary, the organization highlighted its remarkable track record. Over the past two decades, SINE has supported 245 startups with an 80% survival rate, well above the industry average of 20%.

These ventures have collectively raised $942 million and are valued at $3.56 billion.

Professor Santosh J. Gharpure, professor-in-charge at SINE, noted, “Our startups have generated over 300 intellectual properties in critical sectors such as ICT, healthcare, cleantech, and industrials. Many have grown into industry-leading firms.”

Prominent alumni-led successes include IdeaForge, India’s leading drone manufacturer, and Gupshup, an AI-powered messaging platform.

Other notable ventures include Atomberg (energy-efficient fans), ImmunoACT (cancer immunotherapy), and Haystack Analytics (genomics for clinical decisions).

Leveraging alumni and resources for growth

The proposed VC fund will rely heavily on IIT Bombay’s extensive alumni network, comprising leaders across industries. Regulatory approval pending, SINE will invite alumni contributions to the fund.

“We’re tapping into a trusted network to build a robust ecosystem for fostering innovation,” Gharpure added.

Apart from financial support, SINE offers resources like prototype labs, mentoring, and access to IIT Bombay’s advanced research facilities.

Recently, IIT Bombay invested Rs 500 crore in a world-class research hub to support emerging fields like semiconductors, space, and electric mobility. The initiative aims to build a strong pipeline of research ideas ready for commercialization.

Expanding impact on India's startup ecosystem

SINE plays a pivotal role in India’s entrepreneurial landscape. The incubator collaborates with central government ministries to execute startup support programs and has mentored over 60 incubators nationwide.

Its initiatives address challenges unique to hardware tech startups, often overlooked by traditional funding sources.

In its latest push, SINE will host a two-day event, "Innovation Nation," at IIT Bombay on Nov. 28–29.

The event will feature discussions on disruptive technologies and India’s talent pool, involving policymakers, corporate leaders, and entrepreneurs.

“Our goal is to make entrepreneurship a priority for students and alumni, inspiring them to see it as a viable career path,” said Professor Milind Atrey, IIT Bombay’s deputy director of academics, research, and translation.

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